Samsung Confirmed It Produces Chips For Mining Cryptos

Crypto business keeps experiencing wider adoption as Samsung Electronics steps in the industry. According to multiple South Korean local media notifications, the company has commenced making chips for cyber money hardware producer in China. And this is big news for the industry as Samsung has acknowledged its engagement in mining processes.

Electronics Whale Diving in Crypto Market

South Korean electronics titan Samsung, which is a part of conglomerate Samsung Group, reportedly has begun providing a Chinese mining hardware producer with chips in January 2018. This is the information, spread by several Korean media outlets, including
The Bell.
The company’s representative revealed to this media that Samsung is engaged in providing objects to cyber money mining firm in China.

According to reports, Samsung previously signed a document, according to which it has to supply the Chinese firm with Application Specific Integrated Circuit (ASIC) chips. The chips are expected to be employed for producing mining facilities, media highlighted. With finalizing the creation of such semiconductor chips in 2017, Samsung reportedly commenced the mass manufacture of them at the beginning of the current year.

Samsung Confirms Rumors

On January 31, Samsung Electronics confirmed its involvement in the production of details for mining facilities. Answering the questions of TechCrunch journalists, the company’s representative
assured
that Samsung has already started making ASIC chips, employed for BTC, ETH, and other cryptos mining. In the response, the spokesperson said:

“Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips. However, we are unable to disclose further details regarding our customers.”

Any further details that journalists tried to inquire about were not given by Samsung’s representative. Nevertheless, it is evident that the company is trying to defeat its primary rival Intel in making chips, as last year Samsung already
toppled
Intel down from its perch of the most significant chip producer by revenue.